Milano, 06 October 2004

Today a joint press release was issued by Nextra and the Parmalat Group’s Commissioner Mr. Bondi regarding a proposal made by Nextra for the settlement of all reciprocal relations whatsoever with the Parmalat Group connected to the purchase by Nextra of the bond issued by Parmalat B.V. for a principal amount of 300 million euro a few months before the scandal broke out and resold by Nextra in a principal amount of 280 million euro in October 2003. With reference to the above Nextra makes the following clarifications.


The proposed settlement which will be submitted by Commissioner Bondi with his favourable opinion to the relevant supervisory authorities will forever preclude the admissibility of any revocatory action and/or action for damages against Nextra. In the proposed settlement Nextra confirms to have been absolutely correct in its business dealings and totally unaware of Parmalat’s state of insolvency. Nextra has resolved upon the settlement to avoid the risk of even being merely involved in long-lasting legal actions and, still more important, to prevent any worries among investors who have their assets managed by the Company.


Nextra’s investment in the Parmalat B.V. bond did produce a positive return for its customers, likewise the latter will not be in any way negatively affected by the settlement with Commissioner Bondi.


Neither will Nextra’s capital strength be negatively affected by the proposed settlement that was approved by Nextra’s controlling shareholders Banca Intesa and Intesa Holding Asset Management which will financially support the transaction.